(Reuters) – U.S. electrical car (EV) gross sales are anticipated to succeed in simply 9% of the market this yr, consulting agency J.D. Energy mentioned in a report on Wednesday, decreasing its earlier forecast of 12%.
The automotive advisor attributed the minimize in gross sales forecast to a slower-than-expected progress charge for the primary half of 2024 as a result of elevated competitors available in the market for gasoline-powered car alternate options.
The revised forecast comes days after Ford Motor (NYSE:) mentioned it was scrapping a deliberate three-row electrical SUV and pushing again a brand new electrical model of its best-selling pickup, the F-150, because it focuses on reducing prices to stimulate demand.
Regardless of the near-term slowdown, the consulting agency mentioned it expects EV gross sales to succeed in 36% of the whole U.S. retail market by 2030 and 58% by 2035.
“The present charge of slower-than-expected gross sales quantity is being pushed by a mixture of comparatively near-term variables that may fade as EV adoption continues to succeed in essential mass,” J.D. Energy mentioned.
Ford, Common Motors (NYSE:) and different carmakers have additionally delayed or canceled new electrical fashions to keep away from spending closely on autos that customers will not be shopping for as shortly as anticipated.